Friday, April 01, 2011

Constuction Spending: February 2011

Today, the U.S. Census Bureau released their February read of construction spending showing near-cycle low levels of spending for residential construction while indicating a continued weakness for non-residential spending.

On a month-to-month basis, total residential spending declined 3.69% from January falling 8.14% below the level seen in February 2010 and a whopping 66.22% below the peak level seen in 2006 while single family construction spending declined 1.17% since January falling 7.7% since February 2010 and whopping 77.44% below it's peak in 2006.

Non-residential construction spending increased 0.92% since January, dropping 13.17% since February 2010 and a whopping 43.81% below the peak level reached in October 2008.

The following charts (click for larger dynamic versions) show private residential construction spending, private residential single family construction spending and private non-residential construction spending broken out and plotted since 1993 along with the year-over-year, month-to-month and peak percent change to each since 1994 and 2000 – 2005.